Point72 Asia Singapore Pte. Ltd. Acquires New Stake in Salesforce, Inc. (NYSE:CRM)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 41,861 shares of the CRM provider's stock, valued at approximately $13,995,000. Salesforce comprises approximately 3.7% of Point72 Asia Singapore Pte. Ltd.'s investment portfolio, making the stock its 2nd biggest position.

Other large investors have also modified their holdings of the company. Bernard Wealth Management Corp. purchased a new position in shares of Salesforce during the 4th quarter worth $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce during the fourth quarter worth about $27,000. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc acquired a new stake in shares of Salesforce during the fourth quarter valued at about $30,000. Finally, Asset Planning Inc purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of the firm's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the sale, the insider now owns 36,090 shares of the company's stock, valued at $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $328.18, for a total value of $2,041,607.78. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at $15,342,415. The trade was a 11.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,830 shares of company stock valued at $12,907,361. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CRM. Bank of America dropped their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Loop Capital lowered their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and boosted their price objective for the company from $380.00 to $400.00 in a report on Friday, January 17th. Cantor Fitzgerald initiated coverage on Salesforce in a research note on Wednesday, April 23rd. They set an "overweight" rating and a $210.00 target price on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $400.00 target price on shares of Salesforce in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $350.56.

Salesforce Stock Performance

Shares of NYSE CRM opened at $289.77 on Thursday. The stock's fifty day simple moving average is $267.47 and its 200 day simple moving average is $307.10. The stock has a market capitalization of $278.58 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 2.58 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Thursday, April 10th. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is presently 26.10%.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.

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